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Customer Retention Rate
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Average Order Value
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Customer Lifetime Value
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Net Promoter Score
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Loyal Customer Rate
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Customer Growth Rate
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Share of Wallet
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Customer Retention Cost
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Profitability Per Order
The cost of running high-conversion ads are going up and the number of people being reached is going down. It costs money to generate leads, create a brand image, and push customers to take that first step.
All the money, time, and efforts of acquiring a new customer are wasted if you do not retain your existing customers.
If putting together a comprehensive customer retention plan currently feels difficult, then start small. Begin with one metric at a time.
You’ll soon realize that focusing on one north-star metric will snowball into every other metric taking the course. Begin by tracking a few metrics mentioned here and you’ll be headed in the right direction.
Customer Churn Rate. Keep a constant check on the early signs of customer churn through the metrics mentioned above. Measure. Optimize. Evolve.
Remember, improvement is a gradual and constantly evolving process. Hacks can give you momentary spikes in your metrics, but sustained growth comes with time.
What get’s measured, get’s managed!